The Morning Ledger: Apple Cash Hoard Sparks Revolt

By

David Hall

Feb 8, 2013 6:52 am ET

Apple’s massive cash hoard is sparking a shareholder revolt. Hedge fund manager David Einhorn is leading the charge with a lawsuit to block a proposal that would require a shareholder vote before Apple can issue preferred stock. Mr. Einhorn, whose firm Greenlight Capital and its affiliates own about $610 million worth of Apple stock, wants Apple to distribute a “perpetual preferred” stock that would return cash to shareholders by paying a bigger yield than Apple’s regular shares, the WSJ reports.

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